complete exercise 6, questions 1&2, also Exercise 2,5 & 8 please show work.

Exercise 6. Kettle Company made the following purchases of Product A in its first year of operations: Units 32;: January 2 1,600 @ $8.50 March 31 1,400 @ 9.00 July 5 2,600 @ 8.80 November 1 1,600 @ 8.60 The ending inventory that year consisted of 2,600 units. Kettle uses periodic inventory procedure. 1. Compute the cost of the ending inventory using each of the following methods: (1) FIFO, (2) LIFO, and (3) weighted average. 2. Which method would yield the highest amount of gross margin? Explain why it does. Exercise 2. During the past week, four employees of the Lovo Inc. worked the number of hours shown in the table. All four employees receive overtime pay at one and a half times their regular hourly rate for any hours worked beyond 40 in a week. Calculate the regular earnings, overtime earnings, and gross pay for each employee. Employee Hourly Hours Regular Overtime Gross Pay Rate Worked Earnings Earnings Ann We $20 45 $ Gregory 15 44 Box Dan Knox 19 43 Lana 30 46 Gonzales Total 178Exercise 5. The monthly wages for December, 2020 and the year-to-date earnings as of November 30 for the three employees of the Elegant Inc. are listed in the table below. Requirements: Calculate the amount of FICA: Social Security Tax and Medicare Tax to be withheld from each of the employee's gross (December only). Apply a 6.2 percent as a social security tax rate using the annual limit of the contribution and benet base. For earnings in 2020, this base is $137,700. Also, apply a 1.45 percent as a Medicare tax rate. Employers are responsible for withholding the 0.9% Additional Medicare Tax on an individual's wages paid in excess of $200,000 in a calendar ear, without reard to filin status. Employee December The year-to- Social Medicare Tax Salary date Security Tax (December, earnings up (December, 2020) to November 2020) 11 months Exercise 8. Lola Company's accounting year ends on December 31, 2016. On December 1, Lola signs a note for $12,000, 90-day, and 5% interest. Record (in General Journal) the note, the accrual of interest on December 31 and its payment on March 1 of the next year